Sponsored by Digital Look Events

Commodities: Oil breaks $120 a barrel

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Monday 05 May 2008

LONDON (ShareCast) - Oil rose more than $3 to a record high of $119.97 per barrel on Monday, amid a declining dollar and as supply concerns continue.

Oil for June delivery settled $3.65 higher on the New York Mercantile Exchange, after hitting an earlier high of $120.36 a barrel.

There were more reports over the weekend of attacks on Royal Dutch Shell oil pipelines in Nigeria, reducing production.

Meanwhile increasing tensions with oil producing country Iran and the West also fuelled concern about tighter oil supplies.

On Friday oil prices were lifted by reports that Turkish planes had bombed bases of separatist Kurds in northern Iraq.

Among precious metals gold for June delivery rose $16.10 on Monday to settle at $874.10 in New York as it tracked stronger oil prices.

The yellow metal also benefited from a weaker dollar on concern about the US economic outlook.

July silver futures rose 36 cents to settle at $16.83 an ounce. June palladium climbed $4.45 to $424.45 while platinum for July rose $19.20 to settle at $1,927.40 an ounce.